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What is 'Fair Market Value - FMV' In its simplest sense, fair market value (FMV) is the price that property would sell for on the open market.
This is not necessarily the case; art appraisals may or may not have any relation to what would be a reasonable price to pay, often referred to as the art's fair market value (FMV). Fair market value as defined by Internal Revenue Service Publication 561 is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.